Indian smartwatch brand Fire-Boltt has overtaken Samsung to claim the second spot in the global smartwatch market. Despite Samsung’s increased popularity in North America, its shipments outside the region faced a significant decline, resulting in Fire-Boltt’s narrow victory.
Fire-Boltt’s Affordable Smartwatches Gain Popularity in India
According to Counterpoint Research, Fire-Boltt achieved a 9% shipment share in Q1 2023, while Samsung also held a 9% global shipment share. This minor difference allowed Fire-Boltt to surpass the Korean tech giant in the global rankings.
Meanwhile, Apple maintained its leadership in the smartwatch segment, although its global shipment share dropped from 32% in Q1 2022 to 26% in Q1 2023.
Although Huawei experienced a decline in shipments in China, it managed to limit its global shipment share loss to 9% due to increased shipments in regions like LATAM, MEA, and India. However, Huawei was unable to retain its position on the global smartwatch podium.
The success of Fire-Boltt can be attributed to the growing smartwatch market in India. Smartwatch shipments in India saw remarkable growth, increasing from 12% in Q1 2022 to 27% in Q1 2023. Fire-Boltt’s dominance in the Indian market played a significant role in its victory over Samsung.
Analysts attribute the growth in India’s smartwatch market to factors such as affordability, higher customer demand, and the availability of smartwatches across a wider price range compared to other markets. Fire-Boltt’s emphasis on more affordable options resonated well with Indian consumers, driving the brand’s success.
It is important to note that the analysis includes both advanced high-level operating system (HLOS) smartwatches like the Samsung Galaxy Watch 5 and Apple Watch, as well as basic smartwatches with lighter operating systems that do not support third-party apps. The affordability and increasing functionality of these basic smartwatches have made them popular, particularly in markets like India, where they are emerging as viable alternatives to smart bands.
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